The Ministry of Finance, under the Central Board of Direct Taxes, has issued Notification No. 51/2024-Income Tax on June 12, 2024, under section 10(46) of the Income Tax Act, 1961. This notification pertains to the Kerala Cooperative Deposit Guarantee Fund Board (PAN: AANFK3180E), a board constituted by the Government of Kerala. The notification specifies the income sources eligible for exemption under clause (46) of section 10, including contributions from the Government of Kerala, contributions from defined societies, and interest on bank deposits. Certain conditions accompany this notification, such as the board refraining from commercial activities, maintaining consistency in activities and income nature throughout the financial year(s), and filing income tax returns as per specified provisions. Effective retrospectively from assessment years 2019-2020 to 2023-2024, relevant for financial years 2018-2019 to 2022-2023 respectively, this notification ensures compliance with tax regulations while providing exemptions for specified income sources of the Kerala Cooperative Deposit Guarantee Fund Board. The explanatory memorandum assures that no adverse impact occurs due to the retrospective application of this notification.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
Notification No. 51/2024-Income Tax | Dated: 12th June, 2024
S.O. 2242(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Kerala Co-operative Deposit Guarantee Fund Board’ (PAN: AANFK3180E), a Board constituted by the Govt. of Kerala, in respect of the following specified income arising to that Board, namely:
a) Contribution received from the Government of Kerala
b) Contribution received from society(ies) as defined in paragraph 2(k) of the Kerala Co‐operative Deposit Guarantee Scheme.
c) Interest on bank deposits
2. This notification shall be effective subject to the conditions that Kerala Co-operative Deposit Guarantee Fund Board-
(a) shall not engage in any commercial activity;
(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-24 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-23 respectively.
[Notification No. 51/2024 F. No. 300196/43/2018-ITA-I]
CASTRO JAYAPRAKASH T., Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
